CSC shareholders approve Trafford Park buyout

27-Jan-11by Annie Byrne

Capital Shopping Centres (CSC) have voted in favour of acquiring the Trafford Park retail site from EventCity owner, Peel Group. As previously reported in EN, CSC was in discussions with Peel Group to buy its Trafford Park estate in northern England, worth £1.65bn, in exchange for a 23.2 per cent controlling stake in CSC. Although recommended by CSC’s board, the deal was criticised by CSC shareholder and rival property developer, Simon Property Group. However, Peel’s chances of success were given a swift move forward this month after Simon withdrew its counter acquisition offer. Just over 82 per cent of CSC votes cast at an extraordinary general meeting on 26 January were in approval of the deal. “I am delighted by the overwhelming support from our shareholders for the acquisition of the Trafford Centre, which is value enhancing for CSC and will strengthen CSC’s position as the leading operator of pre-eminent UK regional shopping centres,” company chairman Patrick Burgess said. “We are glad to welcome John Whittaker [Peel Group founder and owner] to the board as deputy chairman and look forward to the contribution of his considerable expertise to the Board.”Peel Group also owns Manchester-based EventCity, a new 24,000sqm exhibition space which opens with its first commercial event, Great Days Out, in March. Send your news tips to the EN team: exhibitionnews@mashmedia.net

As the UK has voted to leave the European Union with a 52 per cent majority result, EN has spoken to members of the exhibition and events industry, to gauge their initial reactions on the future of the UK and their businesses.